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NEW YORK (
TheStreet) -- Shares of
Urban Outfitters(URBN - Get Report) tanked in late trades after the specialty retailer said Glen Senk has resigned as chief executive officer, effective immediately.

Senk has been CEO of the Philadelphia-based company, which operates Anthropologie stores in addition to its namesake locations, since May 2007. Urban Outfitters named Richard Hayne, its chairman and president, to assume the CEO role.

The company said Senk is leaving to pursue another opportunity but he will stay on board for an unspecified period of time to assist with the management transition. Senk has also resigned from the board.

The stock was last quoted at $25.26, down 14.1%, on volume of more than 2.2 million, according to
Nasdaq.com.

"Glen joined the company nearly 18 years ago when the Anthropologie business was a single-store prototype," said Hayne, a co-founder of Urban Outfitters, in a statement. "We are forever grateful for his passion, creativity and leadership in building the Anthropologie brand to what it is today."

Hayne has served as chairman and president of Urban Outfitters since 1976.

Shares of Urban Outfitters were already down more than 25% in the past year. The stock hit a 52-week low of $21.47 in early October. Wall Street is slightly bearish with 17 of the 33 analysts covering the stock at either hold (14), underperform (1) or sell (2), and the 12-month median price target at $31 vs. Tuesday's regular session closing price of $29.41.

On Jan. 5, the company reported total sales for the two months ended Dec. 31 of $577 million, up 11% from the same period a year earlier, with flat comparable store net sales. At that time, Urban Outfitters also said its offerings so far in the fourth quarter were "more promotional" than originally anticipated, hinting at earnings pressure.

The company is expected to report its full fiscal fourth-quarter results on March 5, and the average estimate of analysts polled by
Thomson Reuters is for earnings of 37 cents a share in the January-ending three-month period on sales of $739.7 million.

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